The Importance of Customer Satisfaction Surveys in Mortgage

You know what they say: the customer is always right!

In many industries, mortgage included, consumers and clients can serve as a wealth of information. After all, they’re the experts on their goals, motivations, desires, and pain points.

Collecting and acting upon this information and feedback is critical in growing your business. One great way to begin the process is by providing customer satisfaction surveys. Whether feedback is positive or negative, this information can be highly valuable.

Here are just a few ways customer satisfaction surveys can play an important role in your mortgage business:

Identify what’s working

Of course, surveys are a quick and efficient way to determine which aspects of your business are working well. By keeping track of systems, practices, processes, and even team members who are mentioned again and again, you’ll be able to quickly identify what resonates well with your clients.

Tap into word-of-mouth marketing

Did you know that a staggering 70% of consumers inherently trust online reviews? Word of mouth marketing can be a powerful tool for expanding your reach, and your strategy could start with customer satisfaction surveys.

Whether you poll clients consistently throughout the process or only toward the end of the transaction, results can highlight which clients could be considered champions of your brand. Make a point to follow-up with anyone who leaves particularly positive feedback, and certainly consider asking if they’d be willing to share their experience online.

Identify what can be improved

Of course, customer satisfaction surveys can also highlight areas for improvement. Some of the best ideas come from customers, so you’ll want to pay equally close attention to their negative feedback.

Track any issues that appear in multiple surveys, and brainstorm ideas to fix them. If the client seems especially engaged, you could even ask for their thoughts or suggestions. While you’re at it, an apology email or commitment to improve could help turn things around for any less-than-pleased clients.

Learn from the client’s expertise

In some cases, leaders and business owners simply guess what they think their target audience wants. They might make assumptions about the ads they’re susceptible to, the level of service they expect, and even the price point they’re comfortable with. The truth is, though, that whether you’re building brand personas or establishing operational processes, research of some kind is critical.

While there are platforms that specialize in demographic research, with a solid customer satisfaction survey strategy in place, you’ll receive valuable feedback directly from the source. No more guessing whether that ad, approach, or campaign strikes a chord with the intended audience.

Get to know your audience

In the same vein, surveys can provide valuable insight on your client base. Depending on the questions you ask, this might include their age, loan type of interest, and how they heard about you. You can use this data to your advantage moving forward.

For example, if you happen to find that your average client is between 25 and 35 years old, interested in an FHA loan, and finding your site through Google, you might consider launching a blog series on FHA loan basics for Millennials. This could help you capture the demographic more quickly and efficiently.